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Volume 21, Number 2, October 2018

ISSN 1410 - 8046 CULTURAL HERITAGE AND INNOVATION

James B. Ang DO ‘LABOUR’ COUNCILS LOWER ECONOMIC FREEDOM?

Nicholas Apergis DIVORCE AND HOUSING PRICE IN 31 PROVINCES OF CHINA Mingbo, Zheng, Yin E Chen, Gen-Fu Feng, Jun Wen, Chun-Ping Chang HAS FINTECH INFLUENCED INDONESIA’S EXCHANGE RATE

AND INFLATION?

Seema Narayan and Sahminan Sahminan SUBPRIME MORTGAGES AND LENDING BUBBLES Ali Yavuz Polat UNDERSTANDING INDONESIA’S MACROECONOMIC DATA:

WHAT DO WE KNOW AND WHAT ARE THE IMPLICATIONS?

Susan Sunila Sharma, Lutzardo Tobing, Prayudhi Azwar CAN ECONOMIC POLICY UNCERTAINTY PREDICT EXCHANGE RATE AND ITS VOLATILITY?

EVIDENCE FROM ASEAN COUNTRIES Solikin M. Juhro and Dinh Hoang Bach Phan

Bulletin of Monetary Economics and Banking - Volume 21, Number 2, October 2018

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Bulletin of Monetary Economics and Banking

Bank Indonesia

Patron

Board of Governors, Bank Indonesia Editor-in-Chief

Dr. Perry Warjiyo, Bank Indonesia, Indonesia Managing Editor

Prof. Paresh Kumar Narayan, Deakin University, Australia Co-Managing Editors

Dr. Ferry Syarifuddin, Bank Indonesia, Indonesia

Dr. Andi M. Alfian Parewangi, University of Indonesia, Indonesia Board of Editors

Prof. Hal Hill, Australian National University, Australia Prof. Iwan Jaya Azis, Cornell University, USA

Prof. Anwar Nasution, University of Indonesia, Indonesia Prof. Iftekhar Hasan, Fordham University, USA

Prof. Miranda S. Goeltom, University of Indonesia, Indonesia Prof. Insukindro, Gadjah Mada University, Indonesia Prof. Ahmet Faruk Aysan, Istanbul Sehir University, Turkey Prof. Jonathan Batten, University Utara, Malaysia Prof. Niklas Wagner, University of Passau, Germany Prof. Brian M Lucey, Trinity College Dublin, Ireland Prof. Takahiro Akita, Rikkyo University, Japan

Dr. Masaaki Komatsu, Hiroshima Jogakuin University, Japan Dr. M. Syamsuddin, Bandung Institute of Technology, Indonesia Dr. Iskandar Simorangkir, Bank Indonesia, Indonesia Dr. Solikin M. Juhro, Bank Indonesia, Indonesia Dr. Haris Munandar, Bank Indonesia, Indonesia

This bulletin is published by Bank Indonesia Institute, Bank Indonesia. Contents and research outcome in the articles of this bulletin are entirely the responsibility of the authors and do not represent Bank Indonesia’s views.

We invite all authors to write in this bulletin. Manuscript is delivered in soft files to Bank Indonesia Institute, Bank Indonesia, Sjafruddin Prawiranegara Tower, 21st Floor, Jl. M.H. Thamrin No. 2, Jakarta, website BMEB: (www.bmeb-bi.org) and email : bmeb@bmeb-bi.org.

The bulletin is published quarterly in January, April, July, and October. Any person who wishes to obtain this publication shall contact the Division of Planning, Monitoring, and Publication Research, Bank Indonesia Institute, Bank Indonesia, Sjafruddin Prawiranegara Tower, 21st Floor, Jl. M.H.

Thamrin No. 2, Jakarta, Phone (62-21) 2981-7335. For subscription, please contact: Phone (62-21) 2981-7335, Fax. (62-21) 350-1912.

Accredited - SK: 36A / E / KPT / 2016

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Bulletin of Monetary Economics and Banking

Volume 21, Number 2, October 2018 CONTENT

Cultural Heritage and Innovation

James B. Ang __________________________________________________ 141 - 148 Do ‘Labour’ Councils Lower Economic Freedom?

Nicholas Apergis ______________________________________________ 149 - 160 Divorce and Housing Price in 31 Provinces of China

Mingbo, Zheng, Yin E Chen, Gen-Fu Feng, Jun Wen, Chun-Ping Chang 161 - 176 Has Fintech Influenced Indonesia’s Exchange Rate and Inflation?

Seema Narayan and Sahminan Sahminan _________________________ 177 - 190 Subprime Mortgages and Lending Bubbles

Ali Yavuz Polat ________________________________________________ 191 - 216 Understanding Indonesia’s Macroeconomic Data: What Do We Know

and What Are the Implications?

Susan Sunila Sharma, Lutzardo Tobing, Prayudhi Azwar ___________ 217 - 250 Can Economic Policy Uncertainty Predict Exchange Rate and

Its Volatility? Evidence from ASEAN Countries

Solikin M. Juhro and Dinh Hoang Bach Phan ______________________ 251 - 270

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Bulletin of Monetary Economics and Banking, Volume 21, Number 2, October 2018

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